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Sangamon Sun

Thursday, April 25, 2024

Former state university employee Clarke paid in $34K to pension fund, could collect $819K in retirement

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Former state university employee Teresa Clarke, who retired in November 2016, saved $33,844 toward a pension over 10 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Clarke would collect as much as $819,214, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Clarke received $17,219 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Clarke will have already received $34,955 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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